Stocks – S&P, Dow Jump as Semis Rebound

iq-option.trading – The S&P clawed back its losses from a day earlier Tuesday, as rallying tech stocks overshadowed mostly downbeat corporate results.

The Dow Jones Industrial Average rose about 1.77%. The S&P 500 rose 1.57%, while the Nasdaq Composite rose 1.58%.

A sea of green swept over Wall Street as rallying chip stocks set the stage for a rebound from a slump a day earlier, leading the broader market out of correction territory.

Shares of Nvidia (NASDAQ:NVDA), Intel (NASDAQ:INTC), Broadcom (NASDAQ:AVGO) and KLA-Tencor (NASDAQ:KLAC) rose sharply, helping the wider tech sector pare some of its recent losses. That overshadowed mostly downbeat earnings from corporates, which did little to ease concerns about peak profit.

Despite the rally in semis, the sector is still nursing losses of nearly 20% for the month.

Coca-Cola (NYSE:KO) rose more than 2%, strengthening consumer staples, after reporting quarterly results that beat consensus on both the top and bottom lines. The beverage giant’s bullish quarterly haul was supported by strong sales of Diet Coke following its efforts to boost the brand’s appeal among millennials.

General Electric (NYSE:GE) fell about 9% after the company missed earnings and revenue estimates and slashed its dividend to a penny in a bid to bolster its balance sheet. Its shares came under heavy pressure after it disclosed that the Securities and Exchange Commission was expanding a probe into the company’s accounting practices.